Bitcoin ETFs Are Now BlackRock’s Top Revenue Source, Exec Says  

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BlackRock’s Bitcoin Exchange-Traded Funds (ETFs) have proven to be the most profitable product line for the firm, according to Cristiano Castro, director of business development at BlackRock Brazil. This revelation is significant considering that BlackRock manages over 1,400 ETFs globally and is the world’s largest asset manager with more than $13.4 trillion in assets under management.

Speaking at the Blockchain Conference in São Paulo, Castro expressed his surprise at the success of the firm’s Bitcoin ETFs, including the U.S.-based IBIT and Brazil’s IBIT39, which have seen allocations close to $100 billion. “When we launched, we were optimistic, but we didn’t expect this scale,” Castro remarked.

The U.S.-listed spot Bitcoin ETF IBIT, launched in January 2024, achieved a milestone by becoming the fastest ETF in history to reach $70 billion in assets, accomplishing this feat in just 341 days. Despite recent volatility in Bitcoin’s price, the ETF currently holds $70.7 billion in net assets, according to data from SoSoValue.

In its first year, IBIT saw net inflows surpassing $52 billion, outpacing all other ETFs launched in the last decade. By October 2025, IBIT had generated an estimated $245 million in annual fees.

The rapid growth of IBIT can be attributed to BlackRock’s global distribution network and the surge in institutional interest following regulatory approval of spot Bitcoin ETFs in the U.S. The ETF now holds over 3% of Bitcoin’s total supply and has been followed by various BTC-linked products from BlackRock, including ETPs overseas.

Addressing recent outflows from Bitcoin funds, Castro noted that such movements are expected as retail investors tend to react to price drops. He emphasized that ETFs are a liquid and powerful tool designed for managing flows.

BlackRock itself has shown confidence in its Bitcoin ETF, with its Strategic Income Opportunities Portfolio increasing its stake in IBIT by 14%.

Despite reaching out to BlackRock for comment, CoinDesk did not receive a response at the time of writing.

The success of BlackRock’s Bitcoin ETFs underscores the growing popularity and acceptance of digital assets within the traditional financial industry. With the continued growth and adoption of Bitcoin and other cryptocurrencies, ETFs like IBIT are likely to play a crucial role in providing investors with exposure to this emerging asset class.